Meta Platforms, despite strong ad revenue from Facebook and Instagram, is facing investor scrutiny over CEO Mark Zuckerberg's pursuit of numerous new ventures. While 98 percent of Meta's revenue still comes from ads, the company is investing heavily in areas like coding agents, AI, and data center rentals with little immediate return.

Analysts note that while "side quests" are common in tech, Meta's ambitious AI "superintelligence" plans, potentially requiring nearly $750 billion over five years, carry higher stakes thanAlphabet's Waymo or Amazon's satellite network. Unlike Elon Musk, who has a track record of multiple successful ventures with SpaceX, Zuckerberg's past attempts, like the Metaverse, have been less persuasive.

Investors are seeking more proof of profitability outside Meta's core ad business. The company's shares trade at 17 times forward earnings, a three-year low, lagging behind other "Magnificent 7" companies. Zuckerberg aims to diversify, but for now, Meta remains primarily a master of advertising.